Boutique Bahan projects restart despite slow market

Several medium-sized residential projects have recently sprung to life again in Bahan township, years after they were first proposed.
 
The area is one of the most highly-sought after in Yangon and the location of some of the most expensive property on a per sq ft basis in the city. Given the desirability of the area, it attracted significant amounts of interest, particularly from “boutique” high-end, but often medium-sized, residential projects.
 
Many were halted and for all practical purposes abandoned after the real estate market turned sour in 2015. Developers put off construction as they sat and waited for the downturn to finish.
 
Construction crews have moved in to formerly abandoned sites in the area, signalling a vote of confidence in the future strength of the residential market – even if broader residential sales are presently slow.
 
The Myat Wady condo project near Sayar San Road was to be built by Myanmar Seilone. It was announced at least three years ago, with plans to build a 12-storey resident on 0.24 acres. 
 
Comprised of 37 units and two penthouses, the project aimed to fill an upscale, boutique niche. However, it has been repeatedly delayed, with crews only re-arriving on site in April, while work appears to be underway as of May.
 
 
Another project to restart is the Fukamatsugumi Serviced Apartment on New University Avenue. An MIC permit was received in 2015, though little occurred at the site until late 2017.
 
As of June 2018, it is clear that construction has finally begun at the project, which is set to include 12 storeys with a total of 60 serviced apartments.
 
 
The situation is being played out in miniature all across Bahan and central Yangon. Projects which were announced in the heady days of post-2011 democratic transition were then abandoned as the market faced significant oversupply.
 
Much of this high-grade stock remains unsold and the market is still grim. Nonetheless, interest is slowly returning, and developers are increasingly optimistic enough to slowly move forward with long-stalled medium scale projects targeted at a high-end niche.